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EURUSD rallying around a key monthly sell zone 1.1593-1.1230

EURUSD rallying around a key monthly sell zone 1.1593-1.1230 | 05 June 2017

05 June 2017, EUR/USD

EURUSD rallying around a key monthly sell zone 1.1593-1.1230

Wave Analysis:

During the previous trading month, this pair traded on the higher ranged and is currently rallying around a key monthly sell zone 1.1593-1.1230. As long as this zone protects any invasion to the upper side, we expect a possible rebound from this zone to sell the impulsive wave (5) towards 0.9775. Any break above this zone may extend the corrective wave (4) to the upper side but should not go above the immediate resistive trend line. Expect a similar wave count in GBPUSD, AUDUSD and NZDUSD. These pairs will have a similar price action during this intraday. Only buy or sell the EURUSD if the other pairs are giving the same signal.
Trade Recommendations:
Expect a possible rebound around 1.1593-1.1230 to short this pair towards 0.9775

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Bob Stan
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